ISLAMABAD: The salaried class in Pakistan may face an additional financial burden as the International Monetary Fund (IMF) has conveyed its demand of collecting Rs7.25 trillion tax during the forthcoming fiscal year.
To achieve the target, Pakistan will have to apply Rs300 billion in additional taxes and withdraw exemptions on agriculture tax. Economic experts believe that the demand by IMF is Rs350 billion greater than what the authorities can collect in the next fiscal year.
Earlier, the revised target was set at Rs6.1 trillion but has been increased by 19 per cent to meet the commitments made by Pakistan Tehreek-i-Insaf’s government.
On Tuesday, Finance Minister Miftah Ismail discussed the possibilities of achieving the target and tax collection condition. Despite assurance from Mr Ismail of not increasing the tax load on the salaried people, it is evident that the middle class will have to bear the maximum consequences of surge in taxes.